Exchange Old Currency Notes:
State Bank in Pakistan is a single body that is authorized to issue new currency Notes like any other central bank of other countries.
When it’s required to match the currency notes with modern security features then on the recommendation of the SBP federal cabinet gives the approval to change currency notes.
State Bank in each 10 to 15 years, discontinue the series of the currency notes and replace them with new series.
In 2008 new currency notes were introduced and old ones were given adequate time to exchange.
State Bank on 11 June 2015 issued a circular stating the last date to change these currency notes from SBP filed offices and commercial banks as of 30th Nov 2016 but after that, it was still allowed to exchange them from field offices of State bank in different cities of Pakistan.
SO if you have old currency notes i.e Rs 10, 50,100, and Rs1000 then you can still change them with new currency notes from State Bank 16 field offices.
Many people still have these old currency notes that they could not exchange on given dates.
Due to several reason, people in Pakistan still keep the old currency notes with them.
Hence Govt/ State Bank has given sufficient time for people to change the old currency notes.
Also Read: SBP Increased Policy Rate by 150 Base Points